The company had identified two parts in particular: the ‘polypropylene licensing and catalysts’ business unit and the plastics additives unit.

‘We are reviewing our entire portfolio and seeking even further opportunities to optimise value: selectively pruning assets that are no longer a strategic or financial fit,’ said Dow chair and chief executive Andrew Liveris.

In October 2012, Dow announced plans to cut 2400 jobs, representing 5% of its global workforce, and close 20 manufacturing plants, in a bid to shave $500 million off its annual costs over the next two years. Since then, it has struck deals to sell the stabilisers component of its plastics additives business and its 50% stake ownership in Nippon Unicar Company – a Japanese joint venture with Tonen Chemical.